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of <h1>Unabsorbed depreciation under Section 32(2) can be carried forward indefinitely and set off against any income except salary.</h1> Setoff and carry forward of unabsorbed depreciation under Section 32(2) allows current year depreciation to be set off against any income for that assessment year. Unabsorbed depreciation not set off is carried forward indefinitely and can be set off against any income, except salary, even if the business has been discontinued. Priority for set-off is current year depreciation, followed by brought forward business losses, and then brought forward depreciation. The same assessee must carry forward the depreciation, with exceptions for certain business successions. Unabsorbed depreciation can be adjusted in a specific order and is permissible even if returns are filed late or not at all.
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